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1、我国互联网金融众筹模式的发展研究The Research Of Chinese Internet Crowdfunding Development研究生姓名: 高超 .学 科: 经济学 .专 业: 金融学 .方 向: 国际金融 .导 师: 刘文翠 .职 称: 教授 .答辩日期: 2015 年 1 月独 创 性 声 明本人郑重声明:所呈交的学位论文是本人在导师指导下进行的研究工作及取得的研究成果。尽我所知,除了文中特别加以标注和致谢的地方外,论文中不包含其他人已经发表或撰写过的研究成果。与我一同工作的同志对本研究所做的任何贡献均已在论文中作了明确的说明并表示了谢意。学位论文作者签名:二一 年 月
2、 日学位论文版权使用授权书本学位论文作者完全了解新疆财经大学有关保留、使用学位论文的规定。特授权新疆财经大学可以将学位论文的全部或部分内容编入有关数据库进行检索,并采用影印、缩印或扫描等复制手段保存、汇编以供查阅和借阅。同意学校按规定向国家有关部门或机构送交论文和磁盘。(保密的学位论文在解密后适用本授权说明)学位论文作者签名: 导师签名:二一 年 月 日 二一 年 月 日摘 要互联网众筹属于一种新兴的投资形式,和传统的正规金融体系存在一定不同之处。互联网众筹以网络为媒介,沟通投融资双方,并满足各自需求,拥有明显的“两小”特点:第一,单笔融资额相对偏小,融资端主要包括三类,一是个人,二是初创团队
3、,三是小型企业,融资额大多集中在1万元-10万元的规模,远远低于正规融资动辄百万、千万元的门槛;第二,是单笔投资额小,一个融资项目会收到教十乃至数万人的投资,这些投资人多为普通民众,可投资金有限。由互联网众筹的“两小”特点可知,它是正规投融资行业的一个有效补充,融资渠道有限的小型企业等能够通过众筹平台以相对偏低的成本筹措资金,以满足其运营需要;另外,为广大民众开辟了参与创新业务投资的渠道,从而收获相应的创新收益。两方面有机结合,体现了金融普惠以及平等的特点,构建于该基础上之上的市场机制等,能够为社会创新环境融入新的元素,这对于当前的金融改革而言具有相当积极的现实意义。但是,众筹平台交易的小微密
4、集、融资者信息透明度不足、投资者经验欠缺,再加上创新业务存在突出的不确定性,造成众筹风险问题尘嚣日上,引起了社会各界的广泛关注,部分众筹投资兼具资助和捐助性质,使得上述问题更加复杂化,并在实践中引起一定争论。这些情况使得我们有必要对互联网众筹的行业概况、行业风险、行业监管与行业发展趋势进行研究。由于目前主要的互联网众筹平台基本上集中于国外,国内的行业发展相对滞后,众筹平台的业务规模较小,因此对国外典型平台和相关法律问题的讨论占据文章较大篇幅。希望通过这些研究,一方面想了解这一新兴投融资形式的业务特点、运作流程和实际价值,廓清某些认识误区;另一方面可以为众筹从业人员、需要筹资的个人及小型企业、行
5、业监管机构提供一定的借鉴意义,对行业发展所涉及的问题进行思考和梳理,共同促进互联网众筹的持续、健康发展。关键字:互联网金融 众筹 发展 Jobs法案AbstractInternet crowdfunding is a new, independent of outside the formal financial system of investment and financing forms. Which is based on network, the information platform and social network, the realization of investmen
6、t and financing needs of both docking and matchmaking, embodies the two small features: the first is the single financing scale is small, the financing side multi for personal, start-ups or small business, the amount of financing from the beginning of a few hundred dollars, mostly concentrated in th
7、e 10000 yuan 10 million scale, far below the normal financing hundreds of millions, tens of millions of dollars of threshold; the second is a single investment small, one financed projects will receive teach ten or even tens of thousands of investment, these investors are ordinary people, can gold i
8、nvestment limited.Two small hand means the Internet crowdfunding is a complement to formal financing industry, the lack of effective financing channels for individuals and small businesses traditionally, can raise the platform in order to lower the cost of obtaining funds through public, its innovat
9、ion support; on the other hand, means that a large number of ordinary people get directly involved in the business innovation of investment right, sharing the benefits of innovation. The combination of the two, with financial inclusion and equal financial value, the market mechanism and the resultin
10、g credit mechanism and the technical mechanism of small enterprise financing difficult problem and financial reform with the experimental and reference significance to promote the whole social innovation atmosphere, solve.However, the raised platform transaction intensive, small micro financing info
11、rmation lacks transparency, investors lack of experience, coupled with innovative business itself highly uncertain cause problems crowdfunding risk problems and protecting the interest of investors, more and more attention, part of all the financing and investment of both funding and donor propertie
12、s, which makes the problem more complicated, and caused some controversy in practice.These circumstances make us trends survey, industry risk, supervision of the industry and industry of the need of the Internet crowdfunding industry research. Mainly due to the current Internet crowdfunding platform
13、 basically focused on the foreign and domestic industry development relative lag, crowdfunding platform business scale is small, so the discussion of foreign typical platform and related legal issues occupy larger space of the article. Through these studies, on the one hand to help the general publi
14、c to understand this new form of investment and financing business characteristics, operation process and the actual value, clarify some misunderstandings; on the other hand to Internet crowdfunding practitioners and enthusiasts and industry to provide valuable reference for regulators, think and so
15、rt out the problems involved in the development of the industry. To jointly promote the sustainable and healthy development of the Internet and all the chips.Key words:The Internet finance Crowdfunding Development Jobs bill第1章 绪论 11.1 选题背景及研究意义 11.1.1 选题背景 11.1.2 研究意义 21.2 国内外研究综述 21.2.1 国外研究综述 21.2.2 国内研究综述 31.3 研究思路与研究内容 61.3.1 研究思路 61.3.2 研究内容 61.4 研究方法 71.5 创新点及不足之处 71.5.1 可能的创新 71.5.2 可能的不足 7第2章 互联网金融众筹模式的概述 82.1 互联网众筹模式的概念 82.1.1 互联网金融 82.1.2 互联网金融众筹模式 82.2 互联网金融众筹模式特点与分类 92.2.1 互联网金融众筹模式特点 92.2.2 互联网金融众筹模式分类 112.3 互联网金融众筹模
